We're taking a cue from #PwCtakesabreak and keeping a light schedule this week. We'll post roundups, the occasional missive and breaking news but if you'd like to bring something to our attention, email us. Or you can post to Open Items.
Microsoft Ex-CEO & Other Executives Sued by IRS over Taxes [Nasdaq]
They're curious about the company's transfer pricing transactions.
In Reply: KPMG supports women in the workplace [LoHud]
KPMG goes on the offensive with this op-ed by Lynne Doughtie and Laura Newinski who do not agree with Donna Kassman's assessment of how the firm treats women.
Fainting Plaintiff-Grant Thornton Talks End In Impasse [Law360]
This comes from Jenkins v. Grant Thornton: "A two-hour settlement conference between Grant Thornton LLP and a former employee who has sued the firm over alleged ERISA violations and lobbed a sanctions motion against its counsel at Alston & Bird LLP for allegedly deposing her after she’d passed out ended in an impasse Wednesday, a magistrate judge who oversaw the conference said."
Tackling Disclosure Overload [CFO]
Stop listening to lawyers: "Regulators, moving toward a wholesale cleanup of the massive factual and analytical disclosures that have accumulated over many years, are encouraging filers to preemptively step forward and make the edits themselves. The problem, though, is that lawyers have long been counseling companies to do just the opposite: err on the side of insignificant disclosures and repetitive boilerplate to make sure they don’t break laws or get sued for omitting a detail or two."
Alternatively, you can read this thread.
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The Double Illusion of Financial Statement Comparability and Auditability: Through the Lens of Falling O&G Prices [Accounting Onion]
To kick things off: "There are many, many reasons why financial reports are not comparable. Tops on my list, though somewhat off topic, is the absence of adjustments for inflation. It really irks me that no respectable economist would ever dream of comparing trends in costs or revenues without adjusting for inflation; but in accounting, we never adjust for inflation."
Look out for phishing scam from fake Treasury Secretary [DMWT]
Gmail blocked in China [Reuters]
The Great Firewall of China.
This new service wants to be the Airbnb for Airbnb [The Verge]
It's called "Can I Stay with You While I Rent my Place on Airbnb?"